Ahhhh...... after reading this several times.... I think it's coming back to me now....John, When you remove the "spacers" being talked about, the furler tube will actually be totally released from the furler drum and bottom bearing assembly. Typically, the furler tube will then lower until it hits the turnbuckle, and the drum and bottom bearing assembly can be lifted (slides easily over top of the furler tube) as high as you want....
It must have been a shock loosing yours. Unfortunately bad memories persist for a longer time than good ones. Hope your new boat - coming from the same family - gives you and family great pleasure. Have good wind and good sailing.Glad that all the comments have given you some insight and correction to the problem. Hope you have a great summer on the water, the 35.5 is a fine boat, I greatly regret having lost mine.
Karl